Supreme Court asks JAL to deposit Rs 1,000 crore

The Supreme Court today asked realty firm Jaiprakash Associates Limited (JAL) to deposit an additional Rs 1,000 crore with its Registry by June 15 for ensuring refund of money to the hassled home buyers.

On submission of this amount, the liquidation proceedings against Jaypee Infratech limited (JIL), a subsidiary of holding company JAL, shall remain stayed, a bench headed by Chief Justice Dipak Misra said.

The bench, which also comprised Justices A M Khanwilkar and D Y Chandrachud, said if there was any default in depositing the money by June 15, the statutory proceedings against JIL, a firm which has been facing insolvency proceedings, shall proceed.

The apex court had earlier directed JAL to deposit Rs 2,000 crore with the apex court Registry. So far, the real estate firm has deposited Rs 750 crore.